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ING IN SHORT
› The rollout of COVID-19
vaccination programs around the world is fraught with many risks, including transport and logistics, crime and cyber attack.
› The issues of transporting
vaccines may cause the premiums of some insurance products to rise.
› Industry collaboration is
helping to boost coverage and risk mitigation for vaccines being transported across the globe, especially in developing countries.
Photography: iStockphoto
COVERING VACCINE SIDE EFFECTS IN POORER COUNTRIES Chubb’s and Marsh’s collaboration with the World Health Organization (WHO) and Gavi, the Vaccine Alliance (a global health partnership aimed at vaccinating people in the world’s poorest countries) will help cover side effects of COVID-19 vaccines.
Eligible individuals in 92 low- and middleincome countries and economies will be offered a fast, fair and transparent process to receive compensation for rare but serious adverse events associated with vaccines distributed through the COVID-19 Vaccines Global Access (COVAX) initiative, up to 30 June 2022. Through what is known as the Gavi COVAX Advance Market Commitment, up to US$150 million in insurance is being provided for a no-fault compensation program to cover payments to those who are eligible. The COVAX no-fault compensation program is the first and only vaccine injury compensation mechanism operating on an international scale. Co-convened by Gavi, the Coalition for
Epidemic Preparedness Innovations and WHO, working in partnership with UNICEF as key implementing partner, COVAX was created to accelerate the development and manufacture of COVID-19 vaccines, and to guarantee their fair and equitable access for every country in the world. The COVAX Facility, the global procurement mechanism of COVAX, aims by the end of 2021 to deliver up to two billion doses of safe, effective and quality-assured vaccines to all participating countries. Marsh led the global placement of this bespoke solution. Chubb is the lead insurer, supported by a further 10 insurers located in the United States, United Kingdom, Germany, Ireland, Switzerland and Bermuda.
ANZIIF.COM // ISSUE 02 2021 // JOURNAL
